What does allowance account mean?
Definitions for allowance account
al·lowance ac·count
This dictionary definitions page includes all the possible meanings, example usage and translations of the word allowance account.
Princeton's WordNet
valuation reserve, valuation account, allowance, allowance accountnoun
a reserve fund created by a charge against profits in order to provide for changes in the value of a company's assets
ChatGPT
allowance account
An allowance account is an accounting term referring to a reserved fund or account which is created to offset future financial obligations, expenses or losses. It can also be known as a contra asset account since it reduces the value of specific asset accounts, such as accounts receivables by estimating for doubtful debts or bad debts. This provides a more accurate representation of the financial state of a business and follows the accounting principle of conservatism.
Matched Categories
Numerology
Chaldean Numerology
The numerical value of allowance account in Chaldean Numerology is: 9
Pythagorean Numerology
The numerical value of allowance account in Pythagorean Numerology is: 1
Translations for allowance account
From our Multilingual Translation Dictionary
- cuenta de asignaciónSpanish
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"allowance account." Definitions.net. STANDS4 LLC, 2024. Web. 23 Apr. 2024. <https://www.definitions.net/definition/allowance+account>.
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